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4 Low-Interest Credit Cards for Small Business Owners
February 05, 2018
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4 Low-Interest Credit Cards for Small Business Owners

February 05, 2018
A credit card can be a tremendous asset for any business, no matter the size. Many small businesses use credit cards to make purchases and to provide financial liquidity. It should come as no surprise that there are a variety of credit cards designed specifically for the needs of small businesses. In fact, there are so many business credit cards that it can be hard to choose the right one.

When selecting a credit card, you must consider a wide range of factors, including interest rates, fees, and promotions. Businesses often have to make large purchases with their credit cards. This makes the above factors even more important. In addition, interest rates can add up quickly, and so can promotional benefits, such as reward miles.

Many credit cards come with zero percent introductory annual percentage rates (APB). However, it’s important to consider the regular APR rate as well. Likewise, knowing the fine print of any promotions and being aware of potential fees is vital.

Don’t know how to select the best business credit cards? We’ll help you get started by reviewing four of the best low-interest credit cards for small businesses!

Discover It Miles

Discover It Miles is a great choice for entrepreneurs who travel frequently. The Discover It credit card makes it easy to accrue miles through regular purchases. There is no minimum threshold before you can redeem your rewards. In addition to airplane tickets, you can also purchase room rentals, car rentals, taxi rides, and even cruise vacations.

  • 12-month zero percent introductory APR
  • 24 percent to 24.24 percent ARP
  • $10 or 5 percent cash advance fee (whichever is greater)
  • No annual fee

Miles are redeemed at 1 cent per mile and accrue at 1.5 miles per dollar spent and there are no blackout dates. If you’re going to be traveling often, then you should consider the Discover It Miles Credit Card.

Chase Ink Business Cash

The Chase Ink Business Cash Card offers some of the best cashback rewards. You will need good to excellent credit (660+) to apply for this credit card. For those who qualify, the Chase Ink Business cash card offers affordable APR rates with a 12-month zero percent introductory APR and various other benefits.

Key Attributes of Chase Ink Business Credit Card

  • Variable APR of 14.49 percent – 20.49 percent
  • $300 cashback if you spend $3,000 in the first three months
  • 5 percent cashback on first $25,000 spent on office supplies and telecommunications
  • 1 percent cashback on every purchase, no limit
  • No annual fee
  • Free employee credit cards

The Chase Ink Business Cash Card is an overall beneficial card. The affordable interest rates, excellent cashback bonuses, and free employee cards make the Chase Ink Business Cash Card a good choice for just about any business. This credit card also comes with zero liability protection, meaning you won’t have to sweat unauthorized charges.

Capital One Spark Cash Select for Business

The Capital One Spark Cash Select for Business credit card has one of the simplest and most generous cashback reward programs of any card. As a customer, you get 1.5 percent back on whatever you purchase. Other cashback programs will offer higher returns, say 5 percent, but you’re restricted to certain types of purchases, such as office supplies. This isn’t the case with the Capital One Spark Cash for Business card; you can make purchases, and receive automatic redemptions; meaning you don’t have to redeem the rewards yourself.

Key Attributes of Capital One Spark Cash Select for Business

  • 9-month zero percent introductory APR
  • Regular variable APR rate 14.24 percent – 22.24 percent
  • $200 cashback bonus if you spend $3,000 in first 3 months
  • No annual fee
  • No foreign transaction fees

The Capital One Spark Cash Select is a viable credit card for small business owners who don’t want to have to monitor reward programs and align spending with this program. There are other benefits as well, such as auto rental collision damage waivers and emergency assistance services. Combined, these features make the Capital One Spark Cash Select a fantastic choice for any business owner.

Citi Simplicity Credit Card

The Citi Simplicity Credit Card has a 18-month long zero percent introductory APR rate for transfers and purchases. This introductory period is twice as long as the normal 9-month introductory period. The Citi Simplicity credit card offers other benefits as well.

Key Attributes of Citi Simplicity Credit Card

  • 24 percent to 25.24 percent Regular APR
  • $0 annual fee
  • Good to excellent credit is required
  • High 3 percent balance transfer fee

In addition, the Citi Simplicity card features no late fees, an almost unheard-of benefit. There is no penalty APR either. If you happen to be forgetful, this credit card is an excellent choice. The Citi Simplicity also offers extended warranty on credit card purchases.

Wrapping Up: Read the Fine Print

As you can see, there is a lot to consider when examining credit cards. We’ve selected some of the best low-interest business credit cards available. That being said, make sure you closely consider your own situation and read the fine print.

In addition, ensure that you’re aware of the terms when applying for a low-interest business credit card. For example, with some business credit cards, if you miss a single payment you will lose the introductory APR rate and have to pay the regular APR. Further, variable interest rate business credits will feature interest rates that can fluctuate. Most credit cards now offer variable interest rates, which means you should keep a close eye on the rate itself.

When it comes to managing your business’s finances, being proactive is a must. Regardless, a credit card can be a terrific asset for a small business.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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